Is this the turn in the cycle?

Clearly a lot hope is being put into an incrementally more dovish U.S. Federal Reserve. And, yes, the market certainly can continue to move higher.

But is the turn in the cycle? Matt Orton, CFA, Chief Market Strategist at Raymond James Investment Management, is not so sure.

“While I fall into the camp that we’re not going to have a severe recession, I believe it is a little too early for some of those big cyclical pockets of the market to make the types of recoveries that they have,” he said. “This is really a market to approach with a tactical mindset.” For Orton, that means taking several key steps to be ready “if we do get some more downside.”